FuturesCom Investment Publications
Morning Comments ( MC
)3-19-1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk--" Reminiscences of a Stock operator.
Fri. March 19, 1999
4:30 AM
On the Frenzied Forex Front
June Japanese-Yen
Support is at 8600 to 8589, day traders can buy at 8599 and hold for higher prices. Under that 8563 to 8556 should hold. Below that support is at 8515 and 8484.
Resistance is at 8615 and 8668 to 8683 beyond that sellers should appear near the 8762 to 8777 region.
June D-Mark
Support
is at 5596 below that 5581 should hold. Day traders can buy at 5597 and hold for higher prices.Resistance is at 5640 to 5653 and 5681. Beyond that resistance is at 5710 to 5716/ 5729. BW Traders should sell at 5716, risk a close over 5729 for two days in a row..
June Swiss
Support
is at 6885, day traders can buy at 6885 and hold for higher prices. Under that 6836 should hold.Resistance is at 6906 to 6919, beyond that resistance is at 6934 and
6984 to 7003 and 7024 then 7074 to 7088.
June British Pound
Support
is near 1.6150 to 1.6090 and should hold.Resistance is at 1.6336, a close over 1.6336 augurs for a test of 1.6420 and 1.6486.
June Canadian Dollar
Support
is at 6571 and 6521. Below that a test of the 6509 to 6482 region is likely. Under that support is at 6430 to 6417. BW Traders can buy at 6510 for a turn higher risk a close under 6482 for three days in a row.Resistance is at 6593 and 6621. Beyond that Resistance is at 6659 to 6677 and 6741 to 6755 should cap a rally. BW Traders can sell at 6741 for a turn lower, risk a close over 6755 for three days in a row.
Stay tuned for Forex flashes
Precious Metals
April Gold
Support
is at 283.50 and 282Resistance is at 285.30 and 293
May Copper
Support
is at 6100 and 6075 to 6050Resistance is at 6195 then 6270, a close over 6250 is friendly and augurs for a
test of 6500. BW Traders should go long if a close over 6250 occurs.
April Platinum
Support
is at 367.5 and 365, under that 357.5 should hold. BW traders should buy at 356.5 and hold for higher price. Below that buyers should appear near 350 to 349.Resistance is at 374.5. A close over 369.5 augurs for a test of 375 to 380
BW Traders should go long if a close over 369.5 occurs.
May Silver
On the DownSide
: Support is at 499.5 and 492 then 477 BW Traders should buy at 492.5 and hold for higher prices.On the Upside. Resistance is at 508.5 and 520. A close over 508 is friendly and augurs for a test of 539. Patience..
The Exciting Energies
May Crude
Support
is at 1510 to 1494 and 1485 below that BW traders can buy at 1421, risk close under 1415 for three days in a row.Resistance is at 1544 to 1560 beyond that sellers should appear near 1569 and 1609.
May Unleaded Gas
Support
is at 4790 and 4690, day traders can buy at 4690 and hold for higher prices. under that buyers should appear near 4465 to 4430. BW Traders can buy at 4447 and hold for higher prices. Below that support is at 4380 and 4315 to 4304.Resistance is at 4890. A close over 4880 is friendly and augurs for a test of 5000 and 5055.
May Heating Oil
Support
is at 3955 and 3890 under that BW Traders can buy at 3745 and hold for higher prices. Below that support is at 3635 and 3563 to 3553.Resistance is a 4010 and 4125 then 4238 to 4248 and 4304 to 4315.
The Grande Grains
May Soybeans
Support
is at 481 1/2 and 479 Below that support is at 475 to 474 and it should hold.Day traders can buy at 479, risk 10 cents. Resistance is at 488 and the 490 region
Trade accordingly.
July Soybeans
Support
is at 489 and 486 Below that good buyers should appear near 482. Under that 474 should contain any decline.Resistance is at 494 3/4 beyond that resistance is at 503.
.
July Soybean Meal
Support
is at 132.50 to 131.90 and 130.50.Resistance is at 134.50 and 135.50 then 138, a close over 134.60 is friendly
BW Traders can go long if a close over 134.60 occurs.
July Soybean Oil
Support
is at 1897 to 1882, day traders can buy at 1899, risk 50 pts.Under that buyers should appear near 1858
Resistance is at 1961 and 1993.
May Corn
Support
is at 223 3/4 and 221.BW Traders can buy at 219 and hold for higher prices.
Resistance is at 225 1/2 and 230.
July Wheat
Support
is at 282 1/2 and 281, day traders can buy at 282 and hold for higher prices Under that BW Traders can buy at 275 3/4, risk a close under 268 for three days in a row.Resistance is at 287 1/2 a close over 288 is friendly and augurs for a test of 293 to 295. Trade accordingly.
The Satisfying Softs
May Cotton
On the Upside resistance
6150 to 6160 a close over 6165 is friendly and augurs for a test of 6255. Beyond that a test of 6370 is likely.On the DownSide support is at 6090 and 6065, day traders can buy at 6065 sand hold for higher prices under that 5965 to 5950 should contain a decline.
Buy Dips.
May Sugar
Support
is at 568 to 565 and 559.Resistance is at 586 and 605. Beyond that resistance is at 619
May Coffee
On the DownSide,
support is at 102.20 Below that Buyers should appear near the 101.80 region. Under that support is at 101.50. BW Traders can buy at 101.25 and hold for higher prices. Below that 100.20 to 99.30 should hold.On the Upside, Resistance is at 103.20 to 103.80 and 104.30 then 105.10
A close over 104.30 is friendly and augurs for a test of 108. Buy dips...
May Cocoa
Nearby Support
is at 1211, day traders can buy at 1211 for a bounce, risk 30 pts.Under that 1189 should contain the decline for a bit.
Resistance is at 1232 to 1238 and 1268
BW Traders should go long if a close over 1238 occurs.
The Lively Livestock
April Cattle
Support
is at 6652 to 6637 and 6577. BW Traders can buy at 6577 and hold for higher prices.Resistance
is at 6742 to 6755 and 6792. BW traders can sell at 6742 for a turn lower risk a close over 6802 for two days in a rowApril Hogs
Resistance
is at 4287 and 4302 then 4377 to 4402. Day traders can sell at 4302 for a turn lower and hold for lower prices, beyond that BW Traders can sell at 4377 for a turn lower, risk as close over 4447 for three days in a row.Support is at 4202 and 4157. Day traders can buy at 4157 for a bounce, risk 100 pts. Below that buyers should appear near 4102 and 4087.
Stay Tuned for flashes...
June Hogs
Support
is at 5437 then 5417, day traders can buy at 5427, risk 100 pts. Below that buyers should appear near 5342 and 5292.Resistance is at 5492 and 5542 beyond that good sellers should appear near 5637.
From the Frying Pan into the Fire--
May Bellies
Support is at 5082 to 5047, day traders can buy at 5067 and hold for higher prices, under that support is at 4995 top 4977 and 4937 below that 4857 should contain a decline.
Resistance is at 5142 and 5237 Above that resistance is at 5347 to 5382. .
The Sensational Stock and Bond Markets
June Bonds
On The DownSide
nearby support is at 121-17 then 120-31 A close under 121-17 is negative and augurs for a test of 120-17 below that support is at 119-27BW Traders can buy at 120-14 for a turn higher, risk a close under at 119-27 for two days in a row
On the Upside: Resistance is at 122-04 to 122-07 then 122-16 and 123-00
BW Traders can sell at 123-04 for a turn lower, risk a close over 123-11 for three days in a row. Beyond that resistance is at 123-15 and 124-07.
June SP 500
Support
Resistance is at 1334 to 1335 and 1340 to 1344.50 beyond that 1346 to 1351 should cap any rally. Traders with march position should roll today.
Dow Jones Industrial Avg.
Resistance is near 10,0021 to 10,037 Beyond that resistance is at 10,075.. Beyond that a test of 10,104 to 10,136 is likely.
A ship in Harbor is Safe.. But that's not what ships are built for.
3-19-99 5:45 AM
Happy Trading
Bill
B W Recommended Open Pos.
Long July Bean Oil at 2098 and 2043
Long May sugar at 656 and 586
Long July Beans at 478 3/4 and 489 1/2
Long May Copper 6335
Long May Cocoa at 1268
Long May Silver at 561.5 and 535
Short March SP500 at 1253
Short June SP500 at 1283
Short June SP500 at 1304
Long June Yen at 8599
Long June gold at 292.8 and 288.8
Long Aug. gold at 288.30
Long June hogs at 5212 and 5447
Long may Cotton at 6040 and 6142
Long
June British at 1.6286
Long may Coffee at 103.80 and 107.20
Long may meal at 131. 90
MC Recommended Open Pos.
Long May Coffee at
106.00
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THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.